Concur (CNQR -9.2%) opens sharply lower due to the top-line guidance provided with its FQ4 results. FQ1 revenue is expected to be up 21% Y/Y, below a 25.1% consensus, while expected FY13 growth of 25% is in-line. Piper is downgrading to Underweight, citing deteriorating industry corporate travel data, slowing billings growth, a steep valuation (76x estimated FY13 free cash flow), and growing competition from Workday (NYSE:WDAY) and others. (transcript)